TIDMBXP
RNS Number : 3234A
Beximco Pharmaceuticals Ltd
27 December 2017
27 December 2017
BEXIMCO PHARMACEUTICALS LTD
Annual General Meeting Statement
Beximco Pharmaceuticals Limited ("Beximco Pharma", "BPL" or "the
Company"; AIM Symbol: BXP), the fast-growing manufacturer of
generic pharmaceutical products and active pharmaceutical
ingredients, today announces that all resolutions put before
shareholders at the Company's Annual General Meeting ("AGM") held
on 23 December 2017 were duly passed.
The resolutions passed at the AGM included the approval of a
12.5% cash dividend for the year ended on 30 June 2017. The cash
dividend being 12.5% of the nominal value per ordinary share of
Tk.10 (Tk. 1.25 per ordinary share/per global depository receipt
("GDR") held in respect of GDR holders) will be paid to holders of
ordinary shares/GDRs (who were on the register of shareholders/GDR
holders as on the date of record, i.e. 15 November 2017) on 18
January 2018. The cash dividend will be paid after deduction of
taxes as per Bangladesh Tax law.
The Annual Report for 2016-17 is available from the Company's
website, which includes the audited accounts that were previously
sent to shareholders and a review of operations for the year ended
on 30 June 2017.
During the course of the meeting, Vice Chairman of the Company,
Salman F Rahman, made the following statement to shareholders:
Dear Shareholders,
Following a regulatory change made by the National Board of
Revenue, Beximco Pharma has changed its accounting reference date
from 31 December to 30 June. The twelve months to 30 June 2017 was
our first full-year reporting since the change.
I am pleased to report another successful year for Beximco
Pharma, both in our domestic and export markets, demonstrating our
continued growth momentum. Upon review of our Annual Report, you
will note that we have performed well in our operational and
financial continuum with sales, net profit and earning per share
strongly increasing from the comparable previous period.
We have accelerated growth in export sales, registering
year-on-year growth of 25%, driven by our focus on increasing our
presence in markets around the world. With the export of our first
product to the US in August 2016, we began a new era for the
pharmaceutical industry in Bangladesh. We continue to build our US
portfolio, launching our second product in this important market in
October 2017. Beximco Pharma remains the only Bangladeshi company
to export pharmaceutical products to the US.
In September 2017, we commenced the export of our first product
to Canada, marking the first time a pharmaceutical product
manufactured in Bangladesh has been launched in this country.
During the reporting period, Beximco Pharma formed its first
overseas joint venture with Malaysian-based BioCare Manufacturing
(M) Sdn Bhd to set up a facility to produce specialised
pharmaceutical products in Seri Iskandar Pharmaceuticals Park,
Malaysia. Beximco Pharma will provide technical support to
establish the facilities, as well as the technology to manufacture
and produce products. Although no significant impact in the short
term is expected on our earnings as a result of this joint venture,
it is an important testimony of our technical capabilities as a
generic manufacturer.
Additionally, as part of our strategy to diversify, expand and
reinforce our domestic market position, we are exploring the
acquisition of a local pharmaceutical company that would be a
strategic fit for Beximco Pharma. A non-binding memorandum of
understanding has been entered into for the acquisition of majority
shares of Nuvista Pharmaceuticals, a Bangladeshi company
specialising in hormone and steroid drugs.
As you know, we are making significant investment in our
manufacturing facilities; our large scale physical infrastructure
projects initiated to support the Company's current and future
growth progress as planned. The human insulin facility, one of the
projects under our product diversification initiative, has been
completed and is expected to be commercially operational in the
first half of 2018.
We performed well in the past year and I remain confident that
we are taking the right actions to continue to grow and deliver
results for you in the coming years. Our adopted strategies
squarely fit with our goal to build Beximco Pharma as one of the
fastest growing companies in the region with a strong presence in
the global markets.
Finally, we have a highly dedicated and capable pool of
employees. The achievements we have made to date have only been
possible because of such a talented team. I thankfully acknowledge
their contribution to the Company. We are also grateful to our
shareholders for extending, at all times, their invaluable support
and cooperation to bring Beximco Pharma to the level it has reached
today.
Thank you
Salman F Rahman
Vice Chairman
For further information please visit www.beximco-pharma.com or
enquire to:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 58611001, ext.20080
Md. Asad Ullah, FCS, Executive Director & Company
Secretary
Tel: +880 2 58611891, +880 2 58612040, Ext 10140
SPARK Advisory Partners Limited (Nominated Adviser)
Mark Brady / Andrew Emmott
Tel: +44 (0)20 3368 3551 / 3555
Northland Capital Partners Limited (Broker)
Gerry Beaney / Tom Price
Tel: +44 (0)20 3861 6626
FTI Consulting
Simon Conway / Victoria Foster Mitchell
Tel: +44 (0)20 3727 1000
Notes to Editors
About Beximco Pharmaceuticals Limited
Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharma
manufactures and sells generic pharmaceutical formulation products
and active pharmaceutical ingredients. The Company also undertakes
contract manufacturing for multinational and leading global generic
pharmaceutical companies. The Company operates from a 23 acre site
in Dhaka and has manufacturing facilities for producing various
drugs in different delivery systems such as tablets, capsules,
liquids, semi-solids, intravenous fluids, metered dose inhalers,
dry powder inhalers, sterile ophthalmic drops, prefilled syringes,
injectables, nebuliser solutions, oral soluble films etc. Ensuring
access to quality medicines is the powerful aspiration that
motivates 3,800 employees of the Company.
Beximco Pharma's state-of-the-art manufacturing facilities are
certified by global regulatory authorities of USA, Europe,
Australia, Canada, GCC and Latin America, among others. The
Company's products are sold to retail outlets, medical institutions
and other pharmaceutical manufacturers in Bangladesh, in regional
markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and
Myanmar and in other markets overseas, principally in South East
Asia, including Singapore, Thailand, Taiwan, Malaysia, Indonesia,
Philippines and Hong Kong; Africa, including South Africa,
Mauritius, Kenya, Ghana, Ethiopia, Uganda and Nigeria; Central
Asia, including Azerbaijan; Middle East, including Kuwait and
Jordan; Pacific Island countries; Latin and Central American
countries; Europe, including Austria, Germany and Romania;
Australia and North America, including the USA and Canada.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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